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The steady recovery of the Chinese economy is also attributable to China's massive domestic market, Li said. "As a large economy, China's biggest strength is its enormous domestic market."

When the new development philosophy was put forward in 2015, China's economy registered a 6.9-percent growth year on year, the slowest annual expansion in a quarter of a century. Two years later at the 19th Communist Party of China (CPC) National Congress, Xi made an important judgment that the country's economy has been transitioning from a phase of rapid growth to a stage of high-quality development.

Wang also stressed efforts to leverage the SOEs' strengths to forge emerging industrial chains, improve innovation mechanisms, and deepen enterprise reforms to stimulate the innovation vitality of scientific and technological talents.

To achieve ambitious climate change goals on Earth, the only and shared home of mankind, continuous and robust efforts from all parties are needed. China stands ready to join forces with other countries to consolidate global environmental governance, explore green recovery in a post-pandemic world, and launch more global climate actions.

Xi also stressed that the cause of poverty reduction is facing severe challenges as the COVID-19 pandemic is raging across the world.